Tesla Increases Price Of Model S, X In US After Shares Slump
PremiumTesla has raised the starting prices of all its Model S sedans and Model X sports utility vehicles by $2,500, or 2% to 3%, in an attempt to recover some of the steep price cuts imposed earlier this year, which had squeezed profit margins
Tesla Inc. increased the prices of Model S and Model X vehicles in the US, after the company’s share price slumped following first quarter earnings.
The Austin, Texas-based automaker raised the starting prices of all variants of its premium Model S sedans and Model X sports utility vehicles by $2,500, or about 2% to 3%, according to the company’s US website. The latest staring prices of both models are $87,490 and $97,490, respectively.
The move claws back some of the steep price cuts imposed earlier this year, which have squeezed profit margins.
Tesla shares slid the most in more than three months Thursday after Chief Executive Officer Elon Musk indicated his company will keep cutting prices to stoke demand even after markdowns early this year took a significant toll on profitability.
The automaker’s operating margin shrank to 11.4% in the first quarter, a roughly two-year low, after the company marked down its electric vehicles in January and March.
This story has been published from a wire agency feed without modifications to the text.
Catch all the
Corporate newsand Updates on Live Mint. Download The
Mint News Appto get Daily
Market UpdatesBusiness News.
Next Story
No Network
Server Issue
Internet Not Available
The Self-Destructive Nature Of Anti-Tourism Protests: Balancing Resident Concerns With Tourism Benefits
In recent years, anti-tourism protests have become increasingly common across popular tourist destinations. From the Bal... Read more
Military And Strategic Implications Of The Ukrainian Drone Attack In Kursk
On a recent morning, the Kursk region in south-western Russia witnessed an unexpected and significant event: a Ukrainian... Read more
Chinese Tech Stocks Gain Ground Despite Wall Street Technology Sell-Off
Chinese tech shares in Hong Kong gained on Friday, defying a technology stock sell-off on Wall Street, driven by strong ... Read more
Defense Pact Between Britain And Germany: A Focus On Cybersecurity And Joint Operations
In a move set to redefine European defense collaboration, Britain and Germany have signed a comprehensive defense pact a... Read more
US Secret Service Director Steps Down After Trump Assassination Attempt
Security lapses admitted by Kimberly Cheatle prompt resignation.Kimberly Cheatle, the head of the US Secret Service, has... Read more
Kamala Harris Promises A Brighter Future In Official Campaign Launch
In a vibrant and impassioned campaign launch, Vice President Kamala Harris vowed to lead America toward a "brighter futu... Read more